A number of prominent Australian business leaders have voiced their opinions on what the Prime Minister should do during his first term.

Some of the biggest names in Australian finance and economics spoke at an event hosted by an industry news publication this week, calling on Tony Abbott stop reviewing and start doing.

The big names said they were concerned that the Prime Minister would baulk at the opportunity to make reforms that the business community needs to compete on the international stage, choosing instead to plot a reserved path of review and reflection for the next few years.

They have called for sweeping changes to be imposed in industrial relations legislation, including adjustments to the Fair Work Act.

“Putting industrial relations off for three years is madness given the challenge we face,” said chairman of logistics firm Asciano, Malcolm Broomhead.

“We now have an inflexible workforce, a high cost workforce, an aging population and a welfare mentality we just can’t afford.”

Broomhead says Mr Abbott’s supposedly business-friendly plans do not appear to have the inertia needed to tackle present problems.

“It is a very brave move to assume before you are elected that you are going to get a second term and you are not going to address the difficult conditions until that second term,” he said.

Reserve Bank of Australia board member Heather Ridout says: “If Tony Abbott is serious about regulation he has to be very precise about what he wants to achieve and give it a priority.”

Mr Broomhead also believes the nation has squandered several opportunities during the period of heavy investment in mining and resources.

“We have really blown the boom that occurred in the last 10 years,” he said,

“It is going to be a very difficult adjustment coming back to being globally competitive when the resources prices come down.”

“At least in the eighties we had inflation to burn off our mistakes,” Broomhead said.

The top names in finance did say they were generally optimistic for the immediate future, provided the government make the kind of changes they suggest.